Thanks all for participating in our ShuttleOne AMA. We really appreciate all your support. There were really good and thoughtful questions that were asked. For those who missed our AMA, this blog post is for you.
Manpreet – Hello @Zhuangg535 welcome to CryptoNationIN 😃
Zhuang – hello! good evening! thank you for having me! it is a pleasure to be here
Manpreet – Glad to have you here today for the AMA 🥳
Zhuang – thank you =) hope u guys will like the project we built
Manpreet – Community will like it surely 😉
Zhuang – haha lets do this!
Manpreet – Before we start, could you please tell a brief description of yourself to the community.
Zhuang – happy to! For starters, I am Zhuang, I am the founder and CEO at ShuttleOne. Personally, I am a ex investment banker dealing in structured products and quantitative finance before I became an entrepreneur in the agriculture industry. Yes, I became a farmer. You folks can read more about my story here: (https://www.asiaone.com/betting-farm-1). After successfully exiting from the farming business sometime in 2017, I begun to transit to be involved in the crypto space by way of mining Ethereum. It was funny as I read about bitcoin in 2011 and I thought at that time I was late, nonetheless I got started in mining eth and built one of Singapore’s largest mining facilities. More of the story here: (https://www.straitstimes.com/business/companies-markets/from-farming-veggies-to-mining-digital-currencies).
Manpreet – That’s magnificent👌
Zhuang – thank you! from real farming to virtual farming these days
Manpreet – Nice transformation. Now, please tell the community about ShuttleOne.
Zhuang – ShuttleOne is a defi company and we are based in Singapore. We offer trade financing and microloans using the blockchain by tokenizing real world assets. We are probably one of the few crypto companies in the Defi space that applies the blockchain and crypto for real world problems in this case the financial services industry. We support Government to Business companies around the region by lending stablecoins out to these merchants who needs loans and borrowing. As a team, we were involved in crypto for a long time, and my whole team are entrepreneurs. They were the first licensed playstation and xbox developers outside of US and Japan. We decided we want to build a company with a real product, revenue generating income to support a token and the financial services industry. technically, ShuttleOne is a Defi for the real world project….. the supply of stablecoins is lent out via the blockchain and pays our liquidity suppliers 10% APY on their stablecoins alongside SZO the ShuttleOne token
Manpreet – Thanks for the introduction, it seems very interesting.
Zhuang – thank you… we’ve been around for sometime haha
Q1. Pls, would like you to briefly explain the target clients/users of ShuttleOne & the advantages they would enjoy, as many would be having a difficult time trying to understand what it’s all about & possibly how you plan on reaching them?
Zhuang – That was a challenge to understand what we are building. Essentially for ShuttleOne we are a demand (lending) and supply (savings) platform. On one end stablecoins that users supply will be lent out to credible borrowers at an interest rate. And we automate the whole lending process in trade financing and credit disbursement. The advantages to these merchants borrowing our speed of lending is 10x faster than banks (banks take 14 days, we take 30mins). And everything is open and transparent on the Ethereum blockchain. Take this loan for example
🔥Watch $SZO Burnnnn🔥
Trade Financing disbursed by the ShuttleOne Network for US$75,000.00 in support of an Amazon Ecommerce Trader selling to North America!
This is one of the largest loan that we did just 2 weeks ago and it’s all transparent for all to see. For users Investors who deposit stablecoins they get 10% APY on their stablecoins And the SZO ShuttleOne token.
Q2. As far as I know Shuttle One will be listed on DODO exchange, Why did you choose DODO exchange as the first exchange to list SZO? Are you planning to list larger exchanges like Binance or Houbi?
Zhuang – Very good question. When we started to speak with dodo in December. We thought to ourselves if that was the right exchange to go on. The first thing that came to our mind was dodo wasn’t that famous in Dec. But it was also a Binance invested company. We call them the Uniswap of China internally haha. Essentially it was a good choice now that we are listing on the 22nd. As they just got listed on Binance and there’s a huge awareness of dodo exchange. Also in terms of tech they are pretty innovative. Their PMM technology is an innovation from AMM. That’s because it protects the investor from impermanent losses. And SZO is the first IDO on v2 of their exchange. So we think that the Chinese community will see strong support and for these reasons we chose to list on dodo. (And of course there r less bots there compared to uniswap) haha.
Q3. ShuttleOne, as the issuer of the $ SZO token, is currently in the process of applying for a license in the Republic of Singapore. Exactly what will this license allow you to do within the Singapore market? When do you expect to have this process resolved?
Zhuang – Singapore has started to regulate crypto. This is called the 2019 Payments Act. Where there’s specific laws for crypto companies operating in singapore. It will allow ShuttleOne within the framework of the law to deal in crypto assets. U can read more about this in our github (www.github.com/shuttle-one). We expect to get the full licensing approved this year. As The Central bank had already been notified of our business and intentions.
Q4. The ecosystem use 3 types of ASSETS, the RAT, the CAT And SZO, so can you explain the role of each one?
Zhuang – Both RAT and CAT are what we call enterprise tokens. These are tokens used by the companies that are borrowing from the ShuttleOne.network. RAT stands for Risk assessment token. It is an NFT that basically all the information of the asset, borrower, company and details of KYC is hashed into the NFT. The value of the real world asset (for example a cargo) is represented as CAT – credit assessment token. This brings representation to the value of asset on chain with CAT. SZO is the utility token of the ShuttleOne.network. On the borrower side, users pay in SZO when they apply for loans. And the liquidty suppliers benefit by farming SZO as the supply is burnt in what we call a continuous burning model. Like this loan for example
🔥Watch $SZO Burnnnn🔥
Trade Financing disbursed by the ShuttleOne Network for US$11,213.00 in support of an Events Company importing cargo from China!
SZO is burnt upon successful loan disbursement. So that’s how all 3 tokens work together to provide seamless and efficient financial services in the blockchain.
Q5. Why almost 50% of the total supply of Shuttle one is not minted yet? How do you guarantee the security of that funds without locking report?
Just like BTC, not all of BTC’s tokens are minted. In fact there can only be 21mil BTC but only 18mil+ of BTC has been minted.
SZO follows the same theory, SZO is minted only when all the current SZO has been utilized in the business or farmed via liquidity supply….so therefore, our circulating supply can be low, just like BTC 10 years ago…..
for the rest of SZO that has been minted, if you go to our smart contracts you will see that these tokens for the team, equity investors has all been locked up… (https://etherscan.io/token/0x6086b52cab4522b4b0e8af9c3b2c5b8994c36ba6#balances) these can be found here…
Q6. So, do you have any plan for burning tokens in the future to reduce the supply of the token and increase its investment attractiveness?
Zhuang – If anyone looks at our smart contract: (https://etherscan.io/token/0x6086b52cab4522b4b0e8af9c3b2c5b8994c36ba6). You are able to see the burning of SZO happening on a almost daily basis as loans are approved in a decentralized manner on the ShuttleOne.Network. so the ShuttleOne token SZO has already been burning as we have a real product supporting borrowing and lending on the ShuttleOne network. we call this a continuous token burning model…. this benefits our liquidity suppliers who are farming SZO with a lower circulating supply. and also SZO holders who are speculating on the coin’s price..
Q7. Do you think your system is secure enough from hackers? Tell us a little bit about security? Have you taken the platform test yet? Does the smart contract have an error? What are the test results?
Zhuang – Security and Risks are very important to us. The SZO contract is audited by Peckshield as early as April 2020. You can view the smart contract audit on (www.github.com/shuttle-one). We always ensure the safety of our users and that is also part of our licensing application with the Monetary Authority of Singapore. Which can be found on our github also. I don’t believe many defi projects are looking to be regulated, ShuttleOne is one of the few globally that has taken steps to do it to safeguard our investors, company and liquidity suppliers. You may read up on how we deal with risks and security here: (https://shuttleone.gitbook.io/step-by-step-guide-to-the-shuttleone-network/the-shuttleone-token/risk-management-and-disclaimers).
Q8. What about ShutthleOne’s tokenomics? how are your tokens distributed and how many tokens would be unmited?
the distribution and supply of the tokens can be found here: (https://shuttleone.gitbook.io/step-by-step-guide-to-the-shuttleone-network/the-shuttleone-token/structure).
Q9. Where did you get inspiration for this unique shuttle.One project idea? And what influence will we have on the crypto industry due to the project? What’s mission & vision mid/long term of this project?
Zhuang – ShuttleOne was set up in the beginning of the crypto winter sometime end of 2018. At that point in time, the founders of ShuttleOne was very disappointed in the crypto industry not only from a pricing stand point. There were many scammers, bad projects that didn’t deliver the promise of what crypto and the blockchain was set out to do. Which was to transform the financial industry, to deliver next generation products to serve societies. Over the course of the past 2 years, ShuttleOne equity investors include Maker, CMT Digital, Andromeda Capital and various angels in Singapore. Recently, Microsoft’s ex Director Charlie Songhurst who took over Yahoo and Skype also invested in us. I would really urge anyone who wants to earn a good stable return with their stablecoin to consider us in their portfolio as our returns on stablecoins are one of the highest in the market today. With increasing liquidity and also a good demand/borrow market I believe we are one of the strongest real world asset project there is in the market today. wow thats a lot of qns haha..
Thank you to Zhuang (CEO) and Community for participating in the AMA. Have a nice day.